Changes to mean and extreme wet season precipitation over California on interannual time scales are analyzed using twenty-first-century precipitation data from 34 global climate models. Models disagree on the sign of projected changes in mean precipitation, although in most models the change is very small compared to historical and simulated levels of interannual variability. For the 2020/21–2059/60 period, there is no projected increase in the frequency of extremely dry wet seasons in the ensemble mean. Wet extremes are found to increase to around 2 times the historical frequency, which is statistically significant at the 95% level. Stronger signals emerge in the 2060/61–2099/2100 period. Across all models, extremely dry wet seasons are roughly 1.5 to 2 times more common, and wet extremes generally triple in their historical frequency (statistically significant). Large increases in precipitation variability in most models account for the modest increases to dry extremes. Increases in the frequency of wet extremes can be ascribed to equal contributions from increased variability and increases to the mean. These increases in the frequency of interannual precipitation extremes will create severe water management problems in a region where coping with large interannual variability in precipitation is already a challenge. Evidence from models and observations is examined to understand the causes of the low precipitation associated with the 2013/14 drought in California. These lines of evidence all strongly indicate that the low 2013/14 wet season precipitation total can be very likely attributed to natural variability, in spite of the projected future changes in extremes.